Aequs Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Aerospace: 85.4% • Consumer: 14.6%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good sales growth of 25.1% CAGR over last 5 years
- Institutional investors have been accumulating - FII+DII up 13.9pp
- Company maintains a comfortable, low leverage position
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on equity of -10.8% over last 3 years
- Company has a low return on capital employed of 2.2%
- Interest coverage is weak at 0.2x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| HAL | 4955.00 | 35.55 | 331378.01 | 0.91 | 1589.66 | 14.88 | 5515.17 | 14.45 | 31.99 | 27.89 |
| BEL | 403.00 | 47.93 | 294584.09 | 0.62 | 1054.53 | 8.82 | 5546.98 | 24.94 | 36.68 | 25.22 |
| BDL | 1191.00 | 83.83 | 43657.59 | 0.41 | 118.79 | 547.36 | 572.24 | 147.63 | 13.91 | 14.52 |
| DATAPATTNS | 4774.10 | 3475.01 | 26727.31 | 0.21 | 220.60 | 765.10 | 1160.30 | 1068.13 | 23.18 | 27.04 |
| ASTRAMICRO | 1694.95 | 85.13 | 16092.70 | 0.14 | 12.35 | -24.12 | 176.66 | -11.55 | 20.29 | 20.40 |
| ZENTEC | 1749.35 | 87.67 | 15795.39 | 0.06 | 31.85 | -39.99 | 141.64 | -10.48 | 16.83 | 27.13 |
| AEQUS | 230.10 | 309.89 | 15432.02 | 0.00 | -532.28 | -6067.26 | 3955.45 | 1486.69 | 1.50 | 4.47 |
| APOLLO | 412.90 | 126.47 | 15343.34 | 0.06 | 252.16 | 1325.84 | 2512.93 | 1781.17 | 14.52 | 21.38 |
| PARAS | 1451.10 | 123.81 | 11694.03 | 0.07 | 20.74 | 45.34 | 127.91 | 37.26 | 18.68 | 24.95 |
| UNIMECH | 1570.20 | 110.97 | 7992.63 | 0.00 | 27.86 | 45.70 | 107.62 | 70.85 | 12.10 | 36.35 |
| AXISCADES | 1868.35 | 218.70 | 7946.74 | 0.00 | -14.76 | -170.76 | 183.35 | -24.77 | 14.56 | 4.73 |
| CENTUM | 4212.10 | 125.31 | 6217.91 | 0.12 | 10.55 | 135.70 | 204.15 | -22.53 | 26.02 | 11.54 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2024 | Mar 2025 | Jun 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|
| 216 | 249 | 256 | 326 | 367 | 396 | |
| 209 | 225 | 263 | 297 | 363 | 445 | |
| Operating Profit | 7 | 25 | -7 | 29 | 4 | -49 |
| OPM % | 3.41% | 9.84% | -2.89% | 8.90% | 1.14% | -12.50% |
| 1 | 17 | 13 | -8 | 37 | 7 | |
| Interest | 18 | 13 | 10 | 21 | 36 | 19 |
| Depreciation | 26 | 24 | 25 | 35 | 46 | 45 |
| Profit before Tax | -36 | 4 | 7 | -34 | -40 | -40 |
| Tax % | -16.14% | -75.54% | 40.07% | -28.13% | -51.75% | -33.72% |
| Net Profit | 0 | 0 | 4 | -43 | -54 | -53 |
| -0.97 | 0.16 | 0.07 | -0.70 | -0.89 | -0.81 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 549 | 402 | 529 | 812 | 965 | 925 | 1,230 | 1,344 | |
| 490 | 427 | 516 | 774 | 837 | 846 | 1,140 | 1,368 | |
| Operating Profit | 59 | -26 | 13 | 39 | 128 | 79 | 90 | -24 |
| OPM % | 10.74% | -6.40% | 2.49% | 4.76% | 13.23% | 8.52% | 7.31% | -1.76% |
| 17 | 31 | -3 | 28 | 42 | -14 | 59 | 49 | |
| Interest | 48 | 50 | 44 | 69 | 69 | 64 | 94 | 86 |
| Depreciation | 59 | 78 | 75 | 100 | 108 | 103 | 138 | 150 |
| Profit before Tax | -31 | -123 | -108 | -103 | -2 | -94 | -72 | -108 |
| Tax % | 63.06% | 7.25% | 4.99% | -5.89% | -456.95% | -8.86% | -58.37% | -43.13% |
| Net Profit | -12 | -114 | -103 | -109 | -12 | -102 | -113 | -154 |
| EPS | -4.00 | -7.16 | -6.90 | -2.44 | -0.26 | -1.76 | -1.69 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 25%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- —
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -24%
- 3 Years:
- -11%
- Last Year:
- -10%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 222 | 268 | 396 | 425 | 425 | 582 | 671 | |
| Minority Interest | -4 | -5 | -0 | -11 | -1 | -1 | -1 |
| -128 | -94 | -107 | -151 | -21 | 128 | 807 | |
| 452 | 485 | 554 | 686 | 621 | 696 | 602 | |
| Trade Payables | 143 | 114 | 177 | 226 | 203 | 231 | 322 |
| 190 | 66 | 75 | 117 | 565 | 190 | 258 | |
| Total Liabilities | 873 | 835 | 1,094 | 1,291 | 1,791 | 1,827 | 2,659 |
| 374 | 395 | 541 | 677 | 660 | 525 | 1,070 | |
| Capital Work in Progress | 1 | 0 | 2 | 2 | 175 | 395 | 79 |
| 56 | 49 | 50 | 58 | 92 | 77 | 106 | |
| 217 | 174 | 215 | 298 | 354 | 408 | 567 | |
| 0 | 0 | 0 | 0 | 137 | 157 | 265 | |
| Cash & Bank | 16 | 88 | 86 | 57 | 252 | 80 | 357 |
| 209 | 129 | 200 | 198 | 120 | 185 | 216 | |
| Total Assets | 873 | 835 | 1,094 | 1,291 | 1,791 | 1,827 | 2,659 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 41 | 67 | -3 | 11 | -19 | 26 | -99 | |
| Cash from Investing | -30 | 44 | -87 | -89 | -343 | -74 | -371 |
| Cash from Financing | -6 | -29 | 84 | 54 | 393 | 25 | 704 |
| 7 | 80 | -3 | -25 | 31 | -22 | 235 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Submission of Voting Results along with Scrutinizers Report for 26th Annual General Meeting of Aequs Limited held on September 04, 2026
2026-09-04 - Aequs Limited has informed the Exchange regarding Proceedings of 26th Annual General Meeting held on September 04, 2026
2026-08-29 - The Nomination and Remuneration Committee ( NRC ) of the Board of Directors of Aequs Limited ( Company ) at its meeting held on August 29, 2026, has approved to grant 350,000 Employee Stock Options ( Stock Options ) under Aequs Employee Stock Option Plan 2025 ( ESOP 2025 ) on August 31, 2026.
2026-08-29 - Aequs Limited has informed the Exchange regarding Appointment of Ms. Reenah Simon Joseph as Chief Financial Officer and Key Managerial Personnel of the company w.e.f. August 31, 2026.
2026-08-20 - Aequs Limited has informed the Exchange about organizing Plant visit for analysts / investors.
2026-08-14 - Submission of Copies of Newspaper Publication regarding Notice of the 26th Annual General Meeting of Aequs Limited, to be held on September 04, 2026 at 4:00 P.M. (IST) through Video Conferencing/Other Audio-Visual Means.
2026-08-13 - Intimation regarding dispatch of letters providing a web link including exact path to the Notice of AGM and Annual Report for the financial year 2025 26.
2026-08-13 - Submission of Notice of 26th Annual General Meeting of Aequs Limited to be held on 4th September, 2026, at 04:00 PM (IST) and Annual Report for the Financial Year 2025-26.
2026-08-12 - Submission of Copies of Newspaper Publication regarding Notice of the 26th Annual General Meeting of Aequs Limited (the Company ) to be held on September 04, 2026 at 4:00 P.M. (IST) through Video Conferencing/other Audio-Visual Means.
News
Recent coverage and analyst commentary for AEQUS
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